Well, welcome everybody to the first episode
of Blockchain Bay. I'm here with a fellow YouTuber,
Joe P., who is the owner of Network Bits. Joe,
tell me a little bit about yourself. What's your
background in crypto and just the whole industry
altogether? Yeah, so to start off here, I guess
I'll start off my background, very technical.
Been a network engineer for about 10 years now.
Usually work with Cisco devices, routers, switches,
firewalls, servers. And companies I've worked
for in the past, they've talked, you know, me
and my friends there talked about crypto. 2017
was pretty hot. And I invested then, probably
lost about $250. I remember those days. Yeah.
And it was kind of like, you know, I'm sure there's
something here, but not now. And it lost interest
for a little bit. And another company that I
consulted at, there was a real smart consultant
there. He's a CCIE instructor, which those are
the brainiacs of the industry. And he just kept
going on and on about blockchain. And he said,
well, there's certainly something here. Big financial
companies are doing their due diligence in blockchain
and cryptocurrency, trying to figure out if that
application would help their business from whatever
angle. So it started to spark my interest again.
And right around the time Wall Street Bets was
happening, I totally missed out on that show.
But I was like, Probably going to see something
from crypto here pretty soon. And I started buying
again. And sure enough, the market took off and
I was looking for things to mine. Like I was
really considering GP or ASIC mining and I stumbled
across Helium. I just said, this makes all the
sense in the world. When I decided to open up
a YouTube channel, I got a couple of Helium hotspots
of my own and I was making content to help people
out, get set up. understand the system. I've
talked about some other crypto projects as well.
They're all on the low -powered side. I do intend
on getting into GPU mining. I just don't really
have the place for it right now. It's painful
right now. The energy cost is insane, especially
with the low profitability. Yeah, been about
a year going strong on the YouTube channel. Of
course, it's had its ups and downs. Here we are.
I think I've known you all this entirety of this
year. Yeah, I think so. Wow, it's been a while.
Yeah, the last time we made a video together
was the Christmas thing, the helium giveaway.
Yes. Which was, it's going to be a year and three
months, which is crazy. Time flies. With the
helium. I know we've experienced a lot of ups
and downs with them. What do you think? I don't
know. Do you have any advice for anyone mining
helium? Or what are your thoughts on the whole
project? I know you mentioned that on your channel,
for anyone that's not watching this, you were
kind. going to stray away from and focus on more
broader cryptocurrency projects and other projects
and i feel the same way i'm kind of burnt out
on helium just because there's not much for me
to talk about uh what do you what do you think
yeah so i'm still keeping my hot spots online
i'm not really investing any money into any of
the rigs i have i'm not going to get into 5g
i don't think all hope is lost But there's a
lot of problems right now. It looks like we're
kind of at an inflection point where there is
certainly, you know, the system can be rectified.
It can go on to be a successful project. And
I think that's what they're doing with HIP 70.
Yeah. But every time there's a major change,
there's a lot of FUD around it. And, you know,
I hope it works out. But having a channel so
focused on Helium, I've gotten a lot of exposure
to people's issues and how they perceive the
network. I've gotten to see some of the inner
workings as well. Yeah, it hasn't been all cons
for me either. I still have my miners up and
running, but I mean, we met through Helium and
pretty much everyone that I've met in the crypto
space has been through Helium. Yeah. So at first
it was a lot of fun. I had a blast doing this.
Now it's, you know, there's a lot of things going
on that have made it not so enjoyable for me.
That's why I'm moving away from it within the
coming days. I still have a few videos I have
to finish out, but I'm not really, I don't want
to talk about it anymore. It just doesn't leave
me in a good mood. Yeah. I feel the same way.
There's a lot of the way that people treat you
in the Helium servers and on forums, too. It's
kind of unprofessional. I mean, we're by all
means not extremely professional, but we have
some sort of code that we go by. You can't tell
when they're joking or not, and that's just a
problem with the Internet. You're having a hard
time telling if people are being serious when
they respond and stuff. A lot of people are just
trying to get people to laugh in the server.
Well, I think you've probably experienced the
same thing, but being a YouTuber, excuse me,
you get crapped down all the time. Yeah. They
think you're another ignoramus making videos
spreading FUD. And I've been very supportive
of Helium. I've given very detailed information.
There's a few things I've gotten wrong along
the way, but everyone has. Yeah. But some of
the things that were said from... People who
are, I don't know what you want to say, bigger
names within that group. Just like, I don't get
it. I don't get what I did to rub some of them
wrong. And since that, I've just been like, whatever,
you know. I go in there and shitpost and joke
around. I was, you know, I don't really care
to talk about the whole situation there. I was
expecting to be banned sooner or later. And it
happened. Fine. That's the way of the road. Well,
if you want to move on from Helium, we can talk
about some other projects that have let us down
over the year. Obviously, with COVID, and people
are still using that as a supply chain. They're
still saying that it's having effects on the
supply chain. I can see that. But there's a lot
of projects that have failed to deliver, like
RevoFi, which we both touched on on our channels.
Um, and then there's also deeper, which I don't
think I made a video. Did you make a video on
deeper? I can talk about rebel five first if
you want. Yeah. Um, just looking at that immediately,
there are people in the helium community who
are saying this is, this is BS. And they started
off rebel five basically by saying, we're also
going to do healing mining and it'll be dual
mining. We'll have our own network as well. And
they had all these great ideas and big promises
that really didn't match up. It didn't make sense
to begin with. I don't believe in this Wi -Fi
mesh network. Unless you have a whole country
on board to do it like India does for their open
Wi -Fi DABA stuff, it doesn't really work. Just
because of the technical shortcomings. I guess
you would say, obstacles. Either way. And here
we are. River Pie had all these big promises
that they failed to deliver on. They got denied
the HIP -19. And it just seemed there was something
off there. How many months has it been? I think
it's been nine months since they announced they
were going to ship. And they're still... to my
knowledge have been no devices in the uh hands
of any customers what they ended up doing allegedly
is shipping them to some of the people that invested
a big amount of money and we don't know if they
actually did or anything like that and uh i mean
they've been cycling through employees over there
they closed down their discord server so the
only thing you can see on the server is just
announcements which to me is a big red flag on
top of everything else and they even made um
a community Revlify server to try and just keep
talking about Revlify because it just got, I
guess, out of hand. But to be fair, they were
giving no announcements. There was just a lot
going wrong with that company. Yes, and even
if they are trying to deliver on their promises,
this is something that we found out over the
past two years. You need to have some sort of
experience in production and manufacturing. If
you're going to mass deliver products, there's
so many people in this space who have these great
ideas and maybe very talented, but they don't
know how to run a business. They don't know how
to mass manufacture. And like we've seen, they
fail to meet these promises, then get labeled
a scam, sometimes unfairly, usually if they're
trying to deliver on their promises. And especially
with COVID and how it affected the supply chains
and the chip shortage, it exacerbated the problem.
Either way, me and you both agree that RebelPi
was a scam. And when people started coming forward,
specifically the developers, yeah, the writing
was on the wall there. I'm not going to out anybody,
but I did have some moderators as well reach
out to me. And actually, just recently in the
Crypto Lab server, somebody posted some stuff
about Revify, like some of the moderator logs.
I got to read it a little bit. It wasn't as interesting
as I thought it would. I got a question for you,
though. Do you think if Revify outsourced their
manufacturing like Helium did and bring on all
of these other customers, do you think they would
have had a different opportunity or a better
chance? We saw with Helium they had some fails
too, like with Syncrobit and Nebra, and they
didn't deliver a lot of their devices, or if
they did, it was just very poor quality. I don't
think so. I mean, there's so many things wrong
with what they were doing. They were trying to
do numerous, whatever you want to call it, concepts
in computing and bridge that together. I think
the overall main one, this open Wi -Fi thing,
I don't believe in it. Companies have tried that
in the past, large companies, and it's not been
profitable in the vast, vast majority of cases.
It works different with helium because it's a
different technology. It's not Wi -Fi. We've
talked about that before, but I think Justin
just... Comes up with like all these ideas. And
when you look at actual technical implementation,
it's a pipe dream. Yeah, I would like to hope
that someday something like that, minus the Wi
-Fi, there was a lot of stuff that could have
been interesting to see. So maybe someone will
take that idea and move forward with it. Speaking
of new ideas, do you want to talk about PiFi
a little bit? It's a new project that has come
onto our radar. We actually know the people that
founded it, and we're really... I think, Joe,
you already made a video talking about it. I've
yet to make a video talking about it, but I do
want to talk about it. It's basically... Um,
you're, you're using a Raspberry Pi, so it's
relatively low cost of entry and a sensor and
you can, um, mine essentially. So if you guys
have followed planet watch, uh, they had their
aware elements device and actually they decided
to part ways aware and planet watch. So the aware
element is, was useless for a. good period of
time for most people and pyfi is actually allowing
that sensor to work on their network so do you
have anything you want to talk about with uh
pyfi well it's a project that's in its infancy
right now i like the idea behind it because they
are going to continuously come up with sensors
that you can integrate off -the -shelf sensors
that are compatible with raspberry pis and you
get a reading from whatever data it is that you
want to take, mostly environmental data. And
based on what you're collecting and you choose
to share, you're rewarded on that, which really,
when you have a project that you can customize
your setup, it brings a lot of engagement through
the community, a lot of people who are interested
in boosting their earnings and seeing how they
can contribute. I like that it's do -it -yourself.
And put people at ease. You know, there's a lot
of people who like to buy the devices off the
shelf because they don't want to deal with the
hassle of putting it together. But then again,
when it's do -it -yourself, kind of hard to say,
you know, it's a scam, like a hardware selling
project that's going to be a rug pull. Yeah.
Helium actually does have, they still have their
Helium console where you can have sensors connected.
I myself have a Dragino LHT65, which is a temperature
and humidity sensor. It basically just, you know,
collects the temperature and humidity and it
has a sensor on the device and then it has an
external adapter that I actually have stuck out
my window so I can get the temperature of inside
and outside. And that whole idea, when I heard
about that, I thought was really interesting
because they also had door sensors. And soil
moisture level, water clarity. They had a whole
bunch of sensors. And the idea was that this
data would be shared on the LoRaWAN network.
But it doesn't seem like that is going to be
something that they move forward with. It kind
of seems like an oversight or something that
just kind of left on the back burner. And they're
pushing forward. Yeah, for like personal use
type of dealings. Where with PiFi. It's an aggregation
of all the data that's being shared, where it's
basically like if you ever use the app Waze,
the way it would describe to me is you see what's
going on in that specific area, and it gives
you insight to correlated data. You're going
to have more of a complete data set as opposed
to some of the other projects that are based
on data, and I'm really skeptical of most of
them. I hope PiFi works out. I think they have
a lot of good ideas. They're in a really good
place starting out. And, of course, they're friends
of ours. We've been speaking to them over the
past year in the crypto lab. So there is some
level of trust there where we know. Yeah, we've
heard. We know, but we're pretty confident it
won't be a rug pull. Exactly. And we've heard
the, I guess. co -owners or co -founders talk
about the struggles that they've had so it's
not like uh you know they they've been through
it and we we've talked to them a couple times
about um just ideas that we had and it's working
uh pretty well right now they're in beta phase
right now so i believe you can start mining i
think is that correct joe so yes but it's on
the test net and those earnings won't be transferred
over to mainnet so the benefit of getting in
now is that you're getting a license at a reduced
rate as with the next beta groups the price will
slightly increase every time then when it goes
to mainnet it's going to be full price for licensing
i don't think it's going to be something egregious
you get the licensing and software together And
then, yeah, you can add on the custom components.
They're also working on integrations for all
the shelf products, like sensors that you buy
for home use or for commercial use. If you're
able to share that data back to the Pi -Fi, you
can submit that to their database if that device
is supported. That's very interesting. I'm looking
forward to getting that aware element I just
ordered, as well as the sensor that they talked
about. I think it was a GPS sensor. So that'll
be interesting, and I'm looking forward to make
a video about that. GPS is required for a location.
Yeah. But either way, we did mention Deeper earlier
on. Were you involved in that at all? That was
the VPN service, right? Yes. I was going to buy.
one of them they sold a device didn't they well
it was uh it had a usbc port as all that i remember
and um i was actually going to buy one and like
right around that time is kind of when it all
hit the fan so i didn't make a video on it it
was definitely on my list to make i think i was
actually planning on making a video the week
that everything kind of i don't i don't even
remember what happened there's been so much happening
let's talk about it a little bit um There were
a lot of red flags for me going into that project.
I did buy one. It was a neat device, but they
had three different types of devices that you
could purchase, and basically it's a hardware
VPN. So you could do mining through sharing basically
your Internet connection, sharing your IP, and
that would allow other people to VPN. to your
house, basically, or to wherever you put it up,
set it up, and they would use that IP address.
So there's some uses to it, but one of the biggest
drawbacks is that you have to always VPN to a
different country, which screws with your geolocation.
When you go surf the web, everything shows up
in a different language, and you have to manually
change that. You also needed a stake. or have
a credit score if you wanted to mine. Now people
staked so much of that token, and of course it
went down severely. I think staking is ridiculous
if it's not a critical network function. So what
I mean is, like, a good example would be helium
validators, you have to stake a significant amount
of HNT to be a validator. And the reason for
that is because they want people to have skin
in the game. Basically, if a validator is not
being updated, if it's not being administered
correctly, it affects the rest of the network
negatively. So it does make sense to have staking
in many cases. But when you have to do it for
just a regular device, it kind of seems like
Ponzi. I assume, like in my opinion, many crypto
projects do this. Because with staking, it keeps
people from liquidating the token. Yeah. And
it drives up price. And maybe you like that,
but it just, I think it's a smoke and mirrors
type of deal. And then you have all these people
who end up staking and losing a significant amount
of money because they don't understand how that
can play out. Especially when we're at the very
top of a bull run like we were. There's a lot
of people that are not happy with what the result
has been. They're not really breaking even in
any sort of way on their investment. So the other,
I started to raise, I guess not questions, but
just started pointing out things that as a network
engineer are obvious to me, but people may miss.
Like the fact that if someone's using your VPN,
the VPN connection to your house to do things
on your internet connection, that could cause
a problem for you. And you have all the armchair
lawyer types within certain communities like
these who are going to swear up and down that
this can't happen because this is a law, blah,
blah, blah, even though this is a worldwide project.
And regardless of how the law is, It doesn't
mean that every investigation is handled correctly.
There are risks, and there are just so many deniers.
It was like this cognitive dissonance within
the community and anyone who said it was on the
outs. So that really made me understand that
many people invest into these projects without
truly doing their due diligence. understanding
what's going on whatsoever what what the you
know what what the risks are behind it yeah i
covered it on the youtube channel of course they
got kicked off the helium network because they
didn't handle their distribution properly and
they were all sold to a distributor who decided
to game the network that was a massive black
eye for deeper And I really haven't heard much
since then other than some YouTubers screaming
about their earnings. Yeah. If you want to go
back to staking for a second, I liked how you
pointed out it's kind of pointless if it isn't
a critical network function. Like, I think you
made a video on heliumstaking .com. Do you remember
that site? I mentioned it a couple of times.
I think I did. I made a video on heliumstaking
.com. Yeah. So that came around like the time
of, yeah, like the peak of the bull run. And
basically you could stake your helium. For people
that don't know, you could stake your helium
token. And I believe those tokens were then used
to make validators. And that's how you gained
interest back on the tokens. So the catch was
if you wanted to withdraw it, you had to wait.
There was a huge waiting period. It was like
24 to 72 hours. You had to wait before you could
actually withdraw the token. So it kind of slowed
down a lot of transactions. And from the start,
it kind of seemed like a little bit of a sketchy
website, in my opinion. But I think it's still
up and you can still stake some helium. earn
off of it it's just such a small amount and i
ended up pulling all my helium out of it just
because of how slow it was and it wasn't needed
like i don't like to have my crypto just sitting
in a wallet not earning anything but when i had
it on that site i wasn't sure and especially
some people put a lot of helium in there you
never know if these sites are going to be scams
or not but going back to staking The things that
I do enjoy with staking are on exchanges. Like
Binance US is launching new tokens to be able
to be staked, I want to say, every two weeks,
every three weeks. They have Avalanche, BNB,
Cardano, Matic. They have a whole bunch. And
Coinbase has a whole bunch. That's the kind of
staking that I do enjoy where you can cancel
it at any time and you can sell your token immediately.
Yeah. Well, going back to the example you used,
so when you stake in a validator for helium,
after you stake, there's a six -month cooldown
period. So what the risk is for companies like
that, if you have a bunch of customers who are
providing you with HNT to stake, and they decide
to withdraw it all at once, but the cooldown
period is still six months, so you have to wait.
They have to wait. The company has to wait six
months to pull that. That could be an issue for
them. Oh, yeah. I'm not sure how they would handle
it. Maybe they have HNT in the reserve. But I
suspect that's what some of these crypto exchanges
were running into. Issues like that, especially
they were given massive APY rates for staking.
Depending on which network it is and whatever
it is that you're staking to, like usually validators,
usually the large network components. I mean,
some of them do provide a very significant return
on investment for staking and providing that
service, providing that computing power or whatever
it may be. Some of these APYs that these exchanges
offered were out of this world, and there were
a few articles written about how it was just
not feasible. The numbers did not add up. So,
yeah, when you see those type of APY returns,
it's possible, but you have to be skeptical.
Oh, yeah. I don't know if you ever got involved
in PancakeSwap. I want to say it was about –
this was – hmm, September, October, November
of 2021, going into the new year for 2022, PancakeSwap
and like the DeFi space blew up with the insane,
unrealistic APYs and APRs for a lot of the tokens.
And at that point, I had, and the prices of the
tokens went up too as the bull run continued.
But Pancake, the token was at, I believe, $40.
and the apy for a lot of these things were in
the thousands and i was looking at making about
i believe a hundred thousand dollars a year uh
easily if it continued and then there was also
um time wonderland and a whole bunch of these
people and companies that had a huge huge apr
apy and they ended up just failing and that's
that's a huge thing is you got to be skeptical
of these that's why like i said like i trust
the ones in the exchanges i still always am skeptical
and i keep a majority of my funds on a hardware
wallet because i don't trust anybody and i think
that's a good thing to practice but For coins
like BNB, obviously I'm going to keep it on Binance
because it's their native token. I feel safe
keeping it there. Yeah. With any cryptocurrency
project that I decide to get involved in, if
I'm going to put a significant amount of money
in it, you have to read a couple layers deep
into it. And it's going to take months to figure
out the ins and outs and how all the gears turn.
There are just some fundamentals there that have
to be there. So you know it's just not a show.
It's not smoke and mirrors. There's actually
substance behind the project. There's actually
a way that this is planned out. I'm failing to
describe what I want to say here. Yeah, there's
so many scams in this space. There are so many
projects that are just like a pipe dream, and
they want to have all these offerings, whether
it's good intention or not. And they have all
these ideas, and all this is going to be supported.
And it sounds so good to people when they read
the white papers. But when you actually look
at what it is, it's just like this is not anywhere
near. what they describe it as being. And even
if it was, many of the times I think there's
really no utility for some of the things that
are based around, that they're basing a cryptocurrency
around. I mean, for every different computing
concept, someone's trying to come up with a crypto
for it. For every... Concept of life, someone's
trying to come up with a crypto for it. It's
like the rebirth of the internet or something.
Step in shoes. I mean, come on. How is that?
In no way did I understand how that made any
sense, but people are going out buying $1 ,000
sneakers. Yeah. One final thing just for the
staking was BlockFi. I don't know if you got
involved in BlockFi, but there was a lot of companies
that got in trouble with the government because
of the way they had everything going. But that's
the only benefit I see the U .S. government having
in the crypto space is that they are keeping...
responsible and keeping companies responsible.
Like Binance had to make a specific U .S. site
in a U .S. based project or company. Yeah. And
Coinbase is based in the U .S. and all these
companies have to follow these stricter laws.
It makes me feel just a little bit safer. Still
skeptical, like I said. Yeah. Well, there is
a possibility of good actually coming from the
regulation. Because if the regulation is written
properly, it will hold companies that are not
fiscally responsible accountable. It will hold
the scammers accountable. And then the general
public will also see, okay, this is accepted
by the government. They've written regulations
around it. They say it's no longer just being
used for criminal activity. People who were previously
skeptical about crypto will warm up to that idea
and want to invest maybe some of their savings
into it. Yeah. Would you like to move into the
last topic? Do you want to discuss NFTs? Sure.
What do you think about NFTs? Oh, if you were
to ask me a couple months ago, well, probably
a year ago, I'd say they're really stupid. I
don't know. I guess that's how most people feel
about crypto, though, too. I think with NFTs
in the beginning, like with board apes and everything,
everything's kind of calmed down in that space.
It seemed like it was just like supreme, like
a fancy designer clothing brand. Everyone needed
to have it because it gave them status. But there
was literally no use case for it. But now we're
starting to see a lot of NFTs coming out. including
some YouTubers making some NFTs with some mining.
And the NFT actually gives you a benefit. You'll
have a fraction of an ASIC miner and you get
rewards back or the NFT grants you access to
a special section in a Discord server or something
like that. So I think now they're having a use
case, which is important if they need to survive
in the crypto space. Yeah. I've seen a lot of
different analysis on it. And I think, yeah,
the vast majority of them are stupid. Oh, yeah.
There's so many. There's so many. If you go on
OpenSea. I haven't looked into it enough to see
the ones that are actually useful. I haven't
done a whole lot of research on it. But what
I will say. I certainly see the use case in gaming,
but I don't think it will be utilized because
I'm not a gamer, but I've done enough in previous
years to see how like many of these large sites
run their little mini economies within the game.
And of course, they want to keep in control over
that. Yeah. And if you were to give people NFTs
for like, let's say, objects in the game that
you could purchase. And whatever, it usually
comes down to like when people are banning or
the mods in those games are banning accounts
for cheating, then, you know, they still want
to be able to wipe all of the their possessions
in that account away. The other part comes into
like buying actual points or buying gold in the
game, which. previously has really been discouraged
in a lot of these games. And now you're really
monetizing that through crypto, which game developers,
in the vast majority of cases, they don't like.
They like to be in control of that, and they
want you purchasing those in -game items from
them. Maybe we'll see the tide shift. Do you
have a thought on that? get what you're saying
um there's a couple ways like if they were to
ban the people with the uh in the games that
have nfts it could uh give all of the nft data
back to like the company or something they could
resell it but uh that just doesn't seem right
i think they like they should be able to make
it so that if they ban people they can still
sell those nfts because they pay for them also
yeah but it just comes down to them not liking
that idea whatsoever yeah and whether they're
going to implement it in that game or not i could
see that but another thing is like i don't know
if you ever played counter -strike i've played
it like a couple times they have like those super
legendary knives and everything i think uh being
able to tie that into the crypto space would
just give it a little bit more of a cool factor
not necessarily a a um something that needs to
happen but something that uh just ties the game
in with crypto and it gives it more of a cool
factor for like the young kids that think csgo
is a really old game and it is it's it's like
what 10 12 years old now but they're constantly
updating it and uh i think a lot of games if
they were to like even gta5 for example because
of how old that is if they were to bring in nfts
and the crypto space into a game that old it
would definitely i think revamp it but other
than that i don't see it it mattering that much
in a lot of these games yeah but there are thousands
of nfts that are just Stupid, like just straight
up stupid. So too, but this is where we get into
my crazy speculation. Of course, as always, not
financial advice. Of course. I mean, tell me
what you think of this theory, but we're going
to see these different social media sites offer
the ability to display your NFTs on your profile
by connecting your MetaMask wallet or whatever
to it. And of course the status thing, but every
poser in the world is going to want to show how
cool they are with their NFTs and how well they
know crypto. So that might be what leads up to
this next bull run. That usage of the different
chains, minting these NFTs, selling these NFTs,
and displaying them on social media might be
the next... Might be the next big driver now.
Yeah, I could see that. Like I said, wild speculation.
I might totally be off on this one, but what
do you think about that? I think it would be
very interesting to see. Now, I really hope that
when people are connecting their accounts, it's
not asking for any sensitive data. But I think
it would be really interesting to see if a whole
bunch of people connect their accounts to, let's
say, Twitter or Facebook or even a less secure
platform. They get hacked if all of that data
isn't going to be available and hackers could
end up stealing the NFTs. They could take them
right out of people's accounts and send them
to theirs. So that's something that would be
interesting to find out. Only time will tell.
I would assume that these large companies would
be smart enough to implement some sort of security
measure that would make that impossible. But
yeah, we'll see. Yeah, with MetaMask, when you
use sites like that, it usually just makes you
sign a message versus actually allowing access
into your account. It's much like downloading
an app. It tells you what the website or app
can and cannot use, like your location, your
name, and all that stuff. So, yeah. Anything
else you'd like to say, Joe? Oh, we were going
to discuss the crypto space in general. We can
if you want. We're at about 40 minutes. Yeah,
we'll wrap it up in a little bit. So the crypto
space has been, hmm, it's been giving a lot of,
I mean, it's given us our platform, obviously.
There's a lot of good people we've met out of
it, but there's also a lot of people that are
just toxic. Take, for instance. a lot of people
in the helium discord actually they i mean we
talked about this briefly in the beginning but
they um just some of the ways they talk and it
could be taken out of context because it's over
text and also because we are content creators
it's like they don't take us serious it wasn't
the only discord we've seen problems and oh no
we've seen everywhere oh yeah it's it's um everywhere
in the crypto space as well Twitter, the Facebook
groups, I think there's a few factors driving
it. But first, you're dealing with money, basically.
And a lot of people have these wild expectations
when they get into this that they're going to
make all sorts of money. But this is extremely
volatile. Many of them don't do their due diligence.
I can't tell you some of the questions that I've
had as a YouTuber that were like, You didn't
look into this before you spent a significant
amount of money on this project. Like. That I
don't get it. I just don't understand how people
can. Ape in, as you would say. Yeah. To many
of these projects without any thought. And that's
like the culture that it's like cool to. Yeah,
definitely. Degenerative investing started with
like Dogecoin exploding. And then people cry
when they get wrecked. Exactly. And it's everyone
else's fault. And everything becomes a Ponzi
and a rug pull and everything else. Yeah. And
it gives a bad name to crypto in general. And
it hurts those who are trying to be legitimate
in this space and come up with, you know, make
these good ideas come true, innovate and so on.
luna yeah whatever happened with luna and uh
i mean that really hurt the market and that was
one of those things that got onto the front pages
of news but there's there's rug pulls and scams
all the time by just like scummy people that
people don't don't understand is you're dealing
with code there is always a chance something's
going to go wrong yeah So I don't know if it's
the expectations aren't being set properly for
these people coming in. Look, we're on the Internet.
It's one, you know, one big mob joined together,
people airing their grievances. But it gets tiring
when you have a platform and they come to you
for advice, but instead, like, you're their therapist.
Yeah. At least we met each other through this,
right? Of course. We can vent to each other about
some of the things people say. Having a YouTube
channel isn't all it's cracked up to be. I have
to step away once in a while and really try not
to think about it because you get a lot of grief.
There's pressure on you to get things right.
If you make one thing wrong, they will let you
know. Oh, yeah. And I've made, I've said a lot
of things that were incorrect, but I've usually
corrected them in the comments. Not a lot of
people read the comments. It's just very, it's
like a butting heads kind of community for the
most part. If you don't, if you're not careful,
you open yourself up to liabilities. Yeah. You
got to say, you know, it's not financial advice
and all this stuff. You don't want to get sued.
There's a lot. I have to say, there's a couple
times I've said, yeah, do I really want to do
this? Do I want to continue making videos? I
enjoy my audience. They're what keeps me around
because I do have a lot of people who actually
put thought and effort and have good ideas. Leave
comments of substance and they appreciate the
content and they give me good ideas. So that's
what keeps me around. I do think there's so much
potential here. But a lot of the. I don't know
what you'd like to call it. You know, there's
just people who in passing, they have all the
hate for you in the world. And for whatever reason,
for them, it's personal. Yeah, I don't. I think
this is like. The rebirth of the Internet, part
two, it's just like another layer on the Internet,
quite literally with Web3. So right now we're
in like the dawn and there's going to be a lot
of a lot of people that don't understand, a lot
of people that are trying to scam people. And
I think especially since this is the first bull
run, a lot of people were part of the first bull
run that I started making videos on crypto. You
as well. Um, but we've been in this space for
a while. You're going to see a huge, like a mass
adoption as we saw with like Dogecoin and everything,
but we're still new. I think what's going to
happen in the next couple of years is we're going
to start to see a lot of these people, uh, die
out. I think the crypto industry as a whole is
probably going to get, um, I don't want to say
like more governmental regulations, but I think
it's going to be more, um, on pace to do good
things versus bad things. They're still going
to be. Bad things, but the goal is that it outweighs
the bad things. No, I certainly think there is
something special about this. Of course, there's
always going to be a lot of bad ideas that come
out of, you know, anywhere people can throw money
or anywhere people can make a quick buck by scamming
others. Yeah, we're going to see a shit show.
But I think. The technology is there. The ideas
are there. It opens up the marketplace for people
who want to get into something like this. There's
always going to be that interest as more people
find out. Yeah. Well, Joe, anything else you
would like to say? No, I appreciate you having
me on. I'm sure we'll do it again soon. Yeah,
thanks for being my first guest. Thank you everyone
who's watching live right now. I see three people
right now. There's been a couple people popping
in and out. This has been the first episode of
Blockchain Bay, which is... the Discord server
that I guess I founded. Yeah, I just changed
the name. I'm trying to make this more of a community
and there's going to be a lot more podcast episodes
coming up in the future. So stay tuned for that.
My goal is to, like I said, hopefully have the
creators or one of the creators from PiFi over
here so they can talk about their project as
well as other people in the Discord server and
the crypto community. So Joe is a crypto YouTuber.
And a, I guess, crypto influencer. Crypto influencer?
I guess so. Yeah. But he brings a lot more to
the community than that. He talks about all stuff
crypto outside of just posting videos, much like
me. We're not just people that post videos. But
yeah, I'm looking forward to the upcoming episodes.
And I hope to see you again on this soon, Joe.
Maybe we can co -host a PiFi one or something
like that if you're interested. That sounds good.
But thank you all for checking out this first
episode. And I guess we'll see you in the next
episode. Thanks, Chris. Thanks, everyone.